New Delhi: A day after its nominee Cyrus Mistry was ousted as Chairman of Tata Group, Shapoorji Pallonji on Tuesday said it was studying the circumstances and has not yet decided on taking legal recourse. Shapoorji Pallonji is the single largest shareholder with 18.4 per cent stake in Tata Sons. The holding company of Tata Group said it would make a statement on the course of action it chooses when such a thing becomes necessary.

Neither the SP Group nor Cyrus Mistry have made any statement yet. While the circumstances are being studied, there is no basis to media speculation about litigation at this stage.

As and when a public statement becomes necessary, it would be made, the construction group said in an emailed statement. In a sudden and dramatic turn of events, Mistry was on Monday sacked as Chairman of India's largest conglomerate Tata Group. He has been replaced by his predecessor Ratan Tata in the interim, a development that can trigger a confrontation between the single-largest shareholder and the company's founding family.

In a bolt from the blue, the Tata Sons conglomerate on Monday announced its board had replaced Mistry as the company Chairman, and named Ratan N Tata as Interim Chairman. The Board also constituted a Selection Committee to choose a new Chairman for Tata Sons comprising Ratan N Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya. The committee, set up as per the criteria in the Articles of Association of Tata Sons, has been mandated to complete the selection process in four months. Mistry, 48, born in Ireland, had taken over as Chairman of Tata Sons barely four years ago, in December 2012.

Source: PTI / IANS